US Shredded Scrap, US Aluminum Scrap prices stay steady
NEW YORK (Scrap Register): United States shredded scrap prices stayed flat during the week ended May 12, while major US aluminum scrap commodities weekly average prices on Scrap Register Price Index stayed flat.
According to the Steel Index, the US Shredded Scrap Index settled flat during the week at $307 a long ton, capping off the US buy week for May. Settlements for the week varied on a market by market basis, but generally saw a $01-$10 a long ton, increase for shredded (obsolete) scrap.
In related raw material markets, the TSI Australian Export Premium Hard Coking Coal (FOB East Coast Port) lost 12% this week ending at $175 a ton. TSI’s 62% Fe fines Iron Ore Index remained relatively flat as did the TSI US HRC Midwest Index.
Lack of significant movement in related markets has brought a degree of inertia to the scrap market, with many participants looking to other related markets to gauge sentiment.
S&P Global Platts reported that US HRC may be poised for a decline, "One service center source on Wednesday said he was hearing $610- $620 a short ton ex-works from mills last week, and while he has heard conversations about lower prices, he needed to investigate."
According to Scrap Register Prices Index, the weekly average prices of major US aluminum scrap commodities like 356 auto wheels, 5052 alum clip, 6061 alum extrusion, 6063 extrusion, al/cu rad with iron, al/cu radiator, alum breakage, alum litho sheets, alum old sheet, alum rad with iron, alum radiator, alum transformer, alum transmission, alum turning and mix alum casting showed a flat trend during the week.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments firstname.lastname@example.org)